Democratic presidential candidate Bernie Sanders has proposed $15.3 trillion in tax increases, according to a new report. It will virtually raise the rates on everyone. The top 1% will see increases of more than $3 million because Bernie thinks other peoples’ money is his and they have no right to it. Politico reported the figures.
Middle and low-income families will see increases with the middle range facing increases of $4,700, reducing after-tax income by 8.5%.
Bernie has plans for the money to benefit the collective. The government will decide where your money will go.
Clinton’s tax plan will raise taxes by a $1 trillion, making her a piker socialist in comparison. Down the road she plans a tax cut for the middle and low-income and you can take that to the bank.
Sanders is going to give “free” everything – healthcare, family and medical leave, retirement, college tuition and infrastructure spending for union employees. The $15 trillion probably won’t even cover all the “free benefits” he wants to give out.
Sanders didn’t even look at the effects of these massive new government programs. “We’re not really experts on the spending component,” he said.
Sanders would push the top rate to 54% from 39.6%. He would also expand payroll taxes, corporate taxes, triple capital gains, shut down “loopholes”, create two enormous excise taxes including a carbon tax.
If you live in New York City and you add state and local taxes the rich will be paying just under 70% in taxes. Their real estate taxes will bring that number up considerably.
These idiots can’t add.
“It was a difficult estimating task,” said Frank Sammartino, a senior fellow at the group. “For changes of this magnitude, we’re really going into unknown territory.”
For those people who don’t think he’s a communist, just check out his tax plan.
Hillary who was once “dead broke” after 8 years in the White House wants to make all rich people dead broke. The top one percent will see taxes increased by more than half a million because she too thinks she has the right to other peoples’ money so she can spend it on her pet projects which she uses to feather the Democrat voting base nest.
The top 0.1 percent, or those with incomes of over $3.8 million, would see their taxes increase by an average of $519,741.
Like Sanders, she is at war with the 536 billionaires in the US and she expects them to pay for her profligate spending.
Her plan would limit the tax value of certain exemptions and deductions to 28 percent, and increase the estate tax. She likes the estate tax because she wants to stick it to you after you die. The plan would also create a new tax schedule for capital gains with rates declining along with the holding period of the asset.